Despite the monumental significance of the divestiture of AT&T, little attention has been paid to the antitrust trial. This analysis of the suit, based in part on the premise that effective regulation should preclude the application of antitrust laws to regulated firms, indicates that AT&T was not guilty of violating the antitrust laws. Regardless of the applicability of the antitrust laws, the overall case against AT&T was weak. Most of the charges were based on highly questionable theory, or were not supported by evidence. Yet current public policy towards the regional holding companies is dominated by the charges raised in the antitrust trial.
